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I have an up coming warbands night for a WFB campaign where I expect to play against VC, Orks, WE, Empire amongst others.
The warband rules are linked below:
http://www.adepticon.org/10rules/2010wfbwarbands.pdf

In summary: 500 points, smaller unit sizes allowed, 10 units max, must have a character or champion to lead the army, 2 special or 1 special and 1 rare.

First draft

WoC #5 with shield and Halberd - 85
WoC #5 with shield and 2nd hand weapon - 85
Marauders #5 with Great Weapon - 25
Marauders #5 with Flails - 25
Marauders #15 with light armor, shield, full command and MoS - 120
Marauder Horsemen #5 with Shield, throwing Axe and Musician - 86
Hounds #4 - 24
Hounds #4 - 24
Hounds #4 - 24
Total points 498

A micro version of my 2K army. Strong infantry line with horsemen to chase any deep threats. Hounds use their superior unit strength for flank/rear charges.
The ultra cheap cost of the 5 man marauder units makes me think I should be taking more of them. But at 5 figures each and no armor, they have no staying power.

I think the 5 man units are too small. 5 man units might get shot up and become a waste.

Here's what I would suggest.

Chaos Sorcerer-110
Dispel Scroll

10 WOC with Shield and Halberd-170

14 Marauders-70
Flails

5 Marauder Horsemen-86
Shields
Throwing Axes
Musician

5 Warhounds-30

5 Warhounds-30

496

Cheap, Cheerful, and hits relatively hard. You'll be relying on the sorcerer to weaken units whilst the the Warhounds re-direct for maximum win. From there, set up some charges for the Warriors with the Halberds.